@Sinnard Michael Scott On the surface this does seem like alot to bite off. 

I am in the process of starting a short term rental consulting company offering the services of str marketing strategies, how to manage your own rental, how to find the right property management company, finding the right str home, knowledge in real estate (podcasts, books, videos, and surface level alternative forms of investing in real estates besides strs), and then a package of pretty much everything a-z from finding a home, to managing or finding a management company, marketing it, to software, tech, and security etc.

Many inspectors also don't inspect the roofs on condos...some do, to me they should, because if it is old, or there are other items around that have deferred maintenance like a central boiler, chiller, cracks in the parking garage, foundation and drainage issues, things like that.   

Below is a detailed list of repairs and costs.Repairs and Costs$120,600 Purchase price$3,000 closing costs$950 survey to split lots$800 drywall patching and repair$5,500 for new water meter and installation$500 wire fence$1,600 new paint$300 plumbing repair$250 new carpet$600 new laminate$100 gutters, drainage, french drains$500 front porch$600 new kitchen sink and countertops$2,000 other misc costs, like new blinds, touch-up paint, gravel, necessary tools.Total Costs$137,300The SaleIn May, our tenants moved out and we sold the rental home for $145,000 after finding structural issues.

I know you'll probably think I'm crazy because I manage my rental from 600 miles away, but this is a temporary situation.A lot of plumbers are tied up now but I believe a good handyman can get the job done (tub drainage and replacing a broken kitchen faucet).

REI keeps surfacing in my life and I believe there is no better time than the present to jump in!.

It was long overdue for full renovation, (all surfaces) and I just finished that, so I’m at a crossroads. 

Some fix to rent and some immediately cash flowing.We have/have access to the capital but lack the experience to build new.On the surface the numbers look very strong as the demand for multifamily is VERY high in my area.Where can I find plans for a building 12-30 units in size ?

To you other point, I have read/heard  on BP that even performing notes are discounted to a certain extent so the current offer may not be as attractive as it seems on the surface.  

Some things look really bad on the surface but are easy cleanup.